Regions Financial Corporation Declares Quarterly Common and Preferred Stock Dividends and Announces Common Stock Repurchase Program

Rhea-AI Summary

Regions Financial Corporation (NYSE: RF) has declared cash dividends on its common and preferred shares. A dividend of $0.17 per share on common stock will be payable on July 1, 2022. Preferred stock dividends include $15.9375 for Series B, $14.25 for Series C, $1,437.50 for Series D, and $11.125 for Series E, all scheduled for payment in May and June 2022. Additionally, Regions authorized a $2.5 billion stock repurchase plan through 2024, enhancing shareholder value.

Positive

• Authorized a stock repurchase program of up to $2.5 billion, potentially increasing shareholder value.
• Consistent cash dividends demonstrate financial stability and commitment to returning value to shareholders.

Negative

• None.

 Dividends on common stock to be payable July 1; dividends on preferred stock to be payable in May and June.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- The Regions Financial Corporation (NYSE:RF) Board of Directors today declared the following cash dividends on its common shares, Series B preferred shares, Series C preferred shares, Series D preferred shares and Series E preferred shares:

• A cash dividend of $0.17 on each share of outstanding common stock of the Company, payable on July 1, 2022, to stockholders of record at the close of business on June 3, 2022.

• A cash dividend of $15.9375 per share of Series B Preferred Stock (equivalent to approximately $0.398438 per depositary share), payable on June 15, 2022, to stockholders of record at the close of business on June 1, 2022.

• A cash dividend of $14.25 per share of Series C Preferred Stock (equivalent to approximately $0.35625 per depositary share), payable on May 16, 2022, to stockholders of record at the close of business on May 2, 2022.

• A cash dividend of $1,437.50 per share of Series D Preferred Stock (equivalent to approximately $14.375 per depositary share), payable on June 15, 2022, to stockholders of record at the close of business on June 1, 2022.

• A cash dividend of $11.125 per share of Series E Preferred Stock (equivalent to approximately $0.278125 per depositary share), payable on June 15, 2022, to stockholders of record at the close of business on June 1, 2022.

The Regions Financial Corporation Board of Directors also authorized the repurchase of up to $2.5 billion of the company’s common stock for the period including the second quarter of 2022 through the fourth quarter of 2024. The timing and exact amount of common stock repurchased will depend on various factors, including market conditions, internal capital generation and capital consumption through loan growth or other uses. The repurchase program does not include specific price targets; the repurchase program may be executed through open market purchases, accelerated share repurchase transactions or privately negotiated transactions, including utilizing Rule 10b5-1 programs, and the repurchase program may be suspended at any time.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $163 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220420006018/en/

Media Contact:

Jeremy D. King

(205) 264-4551

Investor Relations Contact:

Dana Nolan

(205) 264-7040

Source: Regions Financial Corporation

FAQ

What is the cash dividend amount for Regions Financial Corporation's common stock?

Regions Financial Corporation declared a cash dividend of $0.17 per share on its common stock, payable on July 1, 2022.

When are the preferred stock dividends for Regions Financial Corporation payable?

Preferred stock dividends for Regions Financial Corporation are payable in May and June 2022, with specific amounts for each series.

What is the purpose of the $2.5 billion stock repurchase program authorized by Regions Financial Corporation?

The $2.5 billion stock repurchase program aims to enhance shareholder value and will depend on market conditions and internal capital generation.

Will the stock repurchase program for Regions Financial Corporation have an impact on the stock price?

The stock repurchase program could positively impact the stock price by reducing the number of shares outstanding, thus potentially increasing earnings per share.